IGO (OTCMKTS:IPGDF) Shares Down 31.5% – Here’s Why

IGO Limited (OTCMKTS:IPGDF) shares fell 31.5% during trading on Friday. The company traded as low as $3.90 and last traded at $4.3150. Approximately 350 shares traded hands during mid-day trading, a decline of 52% from the average daily volume of 728 shares. The stock had previously closed at $6.30.

Analysts Set New Price Targets

Separately, The Goldman Sachs Group upgraded IGO from a “neutral” rating to a “buy” rating and set a $9.50 price objective on the stock in a research report on Wednesday, September 2nd. One equities research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, IGO currently has an average rating of “Hold” and a consensus target price of $9.50.

IGO Trading Down 31.5%

The business’s 50-day simple moving average is $5.56 and its two-hundred day simple moving average is $5.81.

About IGO

IGO Limited is an Australian mining and exploration company focused on producing metals used in the clean energy and electric vehicle supply chains. The company’s portfolio has historically included nickel, lithium and copper assets, with operations and projects located primarily in Western Australia.

IGO’s principal assets include the Nova nickel-copper-cobalt operation in the Fraser Range of Western Australia and interests in lithium businesses operated through joint ventures. The company has held a 49% interest in the Greenbushes lithium mine and the Kwinana lithium hydroxide refinery, alongside Tianqi Lithium, which operates those assets.